Investors Sell Shares of Best Buy Co. (BBY) on Strength (BBY)
Traders sold shares of Best Buy Co. (NYSE:BBY) on strength during trading on Thursday. $16.46 million flowed into the stock on the tick-up and $54.05 million flowed out of the stock on the tick-down, for a money net flow of $37.59 million out of the stock. Of all equities tracked, Best Buy had the 0th highest net out-flow for the day. Best Buy traded up $0.36 for the day and closed at $31.76
A number of analysts recently issued reports on the company. Morgan Stanley reiterated a “buy” rating and issued a $28.00 price target on shares of Best Buy in a report on Wednesday, July 6th. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a report on Tuesday, July 5th. Vetr lowered Best Buy from a “buy” rating to a “hold” rating and set a $31.50 target price for the company. in a report on Wednesday, June 29th. Deutsche Bank AG restated a “buy” rating and set a $32.00 target price on shares of Best Buy in a report on Tuesday, June 28th. Finally, Oppenheimer Holdings Inc. restated a “hold” rating on shares of Best Buy in a report on Wednesday, June 22nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $34.12.
The firm’s 50-day moving average price is $30.77 and its 200 day moving average price is $30.89. The company has a market cap of $10.25 billion and a PE ratio of 10.92.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, May 24th. The technology retailer reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.09. The firm had revenue of $8.44 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the company posted $0.37 EPS. The business’s quarterly revenue was down 1.3% on a year-over-year basis. On average, equities research analysts anticipate that Best Buy Co. will post $2.90 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 5th. Investors of record on Tuesday, June 14th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.53%. The ex-dividend date was Friday, June 10th.
In related news, CAO Mathew Watson sold 1,363 shares of the company’s stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $32.10, for a total transaction of $43,752.30. Following the transaction, the chief accounting officer now owns 20,668 shares of the company’s stock, valued at $663,442.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hubert Joly sold 398,000 shares of the company’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $32.24, for a total transaction of $12,831,520.00. Following the transaction, the chief executive officer now directly owns 511,139 shares in the company, valued at approximately $16,479,121.36. The disclosure for this sale can be found here.
A number of institutional investors recently bought and sold shares of BBY. Boston Partners increased its position in Best Buy by 614.5% in the fourth quarter. Boston Partners now owns 8,032,611 shares of the technology retailer’s stock worth $244,593,000 after buying an additional 6,908,374 shares in the last quarter. Vanguard Group Inc. increased its position in Best Buy by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 28,532,817 shares of the technology retailer’s stock worth $868,824,000 after buying an additional 447,251 shares in the last quarter. UBS Oconnor LLC increased its position in Best Buy by 45.6% in the fourth quarter. UBS Oconnor LLC now owns 1,285,316 shares of the technology retailer’s stock worth $39,138,000 after buying an additional 402,420 shares in the last quarter. Marshall Wace LLP bought a new position in Best Buy during the fourth quarter worth $5,965,000. Finally, Schroder Investment Management Group increased its position in Best Buy by 22.6% in the fourth quarter. Schroder Investment Management Group now owns 1,056,062 shares of the technology retailer’s stock worth $32,157,000 after buying an additional 194,785 shares in the last quarter.
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers service to the consumers, small business owners and educators, who visit its stores, engage with Geek Squad agents or use its Websites or mobile applications. It has retail and online operations in the United States, Canada and Mexico.
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